The global market for two wheeler accessories is gaining traction with the penetration of two wheelers rising extensively, especially in developing economies. Population explosion and traffic congestion are factors that are triggering the growth in demand for two wheelers across the globe. The growing spending power of the semi-urban population has shifted their preferences towards purchasing electronics and automobiles. This has proliferated the number of two wheelers in the rural and semi-urban areas both in developed and developing regions. In line with the growth of the global automotive accessories market, the global two wheeler accessories market is also expected to witness stable growth over the coming years.
To gain a competitive edge in the market, automotive companies are focusing on the development of lightweight vehicles. The manufacturing of lightweight two wheeler accessories will help manufacturers adhere to prescribed global emission norms and increase the life of the vehicle at the same time. Growing concerns over environmental safety have also triggered the demand for electronic two wheelers, thereby impelling manufacturers to focus on innovation while manufacturing two wheeler accessories. OEMs are taking this opportunity to expand their customer base and reach out to different distributors. On the other hand, distributors are rethinking their strategies to uplift their market position keeping in mind the intensifying market competition.
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Peak-hour traffic congestion is a problem that is faced by commuters on a daily basis. To avoid this, two wheelers are becoming the most preferred vehicle type, especially among the young population. This rise in the sales of two wheelers will have a positive impact on the two wheeler accessories market as well in the coming years. The global two wheeler accessories market is incessantly evolving with technological advancements paving the way for opportunities with every passing day. The demand for protective fittings and gears is very high owing to the increasing risks of accidents. Advanced protective gear, such as gear fabrics decrease the risk of exposure to bruises, cuts, heat, fire, cold, mechanical or ballistic hazards, and UV radiations. As a result of this, vendors are increasingly investing on the research and development of advanced fabrics that are capable of offering optimum protection.
Considering all these factors, Persistence Market Research (PMR) states that the global two wheeler accessories market is estimated to witness a healthy CAGR of 6.1% from 2018 to 2026. In 2017, the market was worth US$ 8,857.1 Mn and is projected to rise to a valuation of US$ 14,844.9 Mn by the end of 2026.
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Market to Ramp Up Owing to the Incorporation of Additional Product Features
The introduction of advanced features in traditional scooters and motorcycles such as disc brakes, automatic headlamps, and charging ports among several others has ramped up the current market landscape and has also created immense growth prospects for vendors. Furthermore, strict regulations regarding the emission of toxic gases has impelled manufacturers to develop advanced two wheeler accessories capable of ensuring near zero emission levels. These add-on features also have a high replacement rate in the global market and are supplementing the growth of the global two wheeler accessories market.
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Imposition of Taxes to Act as a Barrier in the Adoption of Two Wheeler Accessories
In certain regional markets, luxury taxes and VAT have increased considerably. For instance, the VAT in Colombia has increased from 16% to 19% and this has negatively impacted the scooter and motorcycle market, thereby inhibiting the growth of the global two wheeler accessories market.
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